i think that particular incident was probably one of the more controversial s because what happened was, bearsterns was was capoot. There's just an insurance company which got involved in not insuring, like life insurance or car insurance. They were basely doing these a swap insurance deals, which is not even worth going into. And so they were not bailed out. That was sort of at the direction of a former goldman sacks, think he was ceo,. hank palson was actually ceo of goldman sacks but now he's at treasury. And they were allowed to fail. So i think that was the particular event that pallson got a lot of flack for
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As a $60 billion a year investment bank engaged in market making and asset management for equities, fixed income, commodity and derivative securities for large institutional clients, Goldman Sachs, having been founded in 1869, is arguably the world’s most recognizable name on Wall Street. Known for attracting some of the best financial talent, it is both respected and feared, in some cases being accused of “ripping their clients off” in the relentless pursuit of profits. Defenders of firms like Goldman Sachs make a big deal about how they’re instrumental in the efficient allocation of (financial) capital, but one could argue the concentration of highly intelligent and motivated individuals operating what amounts to a glorified casino is a gross misallocation of human capital, robbing other critical sectors of talent that would otherwise have gone to engineering real solutions, not financial ones.
